Zhang, Yue
(2020)
Corporate R&D Investments Following Competitors’ Disclosures: Evidence from the Drug Development Process.
Doctoral Dissertation, University of Pittsburgh.
(Unpublished)
Abstract
This dissertation studies the role of peer disclosures in shaping corporate R&D investments. Using the online registration of clinical trials in the drug development process, I find that a firm’s R&D investments are deterred by disclosures of clinical trial initiation from strong rivals but encouraged by disclosures from weak rivals. The cross-sectional analyses suggest that the deterrence effect of peer disclosure is stronger when the therapeutic area has a high clinical-trial success rate, the encouragement effect is stronger when the market has fewer competing firms, and both effects are strengthened when the focal firm has a diversified R&D portfolio. Overall, my findings suggest that the way a firm reacts to peer disclosure varies with the disclosing firms’ relative competitiveness in the R&D race.
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Details
Item Type: |
University of Pittsburgh ETD
|
Status: |
Unpublished |
Creators/Authors: |
|
ETD Committee: |
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Date: |
2 June 2020 |
Defense Date: |
11 May 2020 |
Approval Date: |
9 July 2020 |
Submission Date: |
4 June 2020 |
Access Restriction: |
No restriction; Release the ETD for access worldwide immediately. |
Number of Pages: |
61 |
Institution: |
University of Pittsburgh |
Schools and Programs: |
Joseph M. Katz Graduate School of Business > Business Administration |
Degree: |
PhD - Doctor of Philosophy |
Thesis Type: |
Doctoral Dissertation |
Refereed: |
Yes |
Uncontrolled Keywords: |
corporate disclosure, drug development, R&D competition, innovation |
Date Deposited: |
09 Jul 2020 23:04 |
Last Modified: |
09 Jul 2020 23:04 |
URI: |
http://d-scholarship.pitt.edu/id/eprint/39174 |
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